格隆汇11月20日｜闻泰科技（维权）发布关于荷兰经济部暂停行政令的声明。需要澄清和声明的是，行 政令虽被宣布暂停，但荷兰阿姆斯特丹上诉法院企业法庭作出的紧急措施并未取消，中方股东和人员合 法权益所受到的限制和侵害仍在持续进行中。荷兰经济部仅宣布暂停行政令，回避了在其推动下的企业 法庭剥夺闻泰科技对安世控制权的错误裁决，未能触及问题解决的关键所在。荷兰经济部暂停行政令的 举动虽走出了妥善解决问题的第一步，但绝不是本次事件的解决方案。我司敦促荷兰经济部正视本次事 件的本质，尽快、彻底纠正其错误，其不仅应当永久性撤销其基于《货物可用性法案》发布的行政令， 撤回其对企业法庭的参与及支持，还应当确保中方股东的合法控制权及中方人员的合法权利得到恢复， 将安世恢复至2025年9月29日之前的状态。 ...

人准加用具垂丁《贞彻叮咛性法案》及巾的们以令，旗凹县测让业法庭的參与及文守，逊 应当确保中方股东的合法控制权及中方人员的合法权利得到恢复,将安世恢复至2025年9 月29日之前的状态。 闻泰科技发布声明称，注意到荷兰经济事务与气候政策部大臣2025年11月19日发表的"暂停实施其于 2025年9月30日依据《货物可用性法案》对安世下达的行政令"的声明。闻泰科技表示，荷兰经济部暂停 行政令的举动虽走出了妥善解决问题的第一步，但绝不是本次事件的解决方案。闻泰科技敦促荷兰经济 部正视本次事件的本质，尽快、彻底纠正其错误，其不仅应当永久性撤销其基于《货物可用性法案》发 布的行政令，撤回其对企业法庭的参与及支持，还应当确保中方股东的合法控制权及中方人员的合法权 利得到恢复，将安世恢复至2025年9月29日之前的状态。 我司坚决要求，任何真正的解决方案，都必须以恢复闻泰科技作为股东的完整权利以及对安世 的合法控制权为基础。闻泰科技绝不会接受任何将非法结果"合法化"的企图，也不会接受一个 由非法程序制造的安世公司股权及治理"新常态"。我司将采取一切法律手段，最大限度维护我 司及全体股东的合法权益。 闻泰科技 2025年11 ...

Core Viewpoint - The control dispute over Anshi Semiconductor, a subsidiary of Wentai Technology, has reached a critical point with the Dutch Minister of Economic Affairs and Climate Policy announcing a temporary suspension of restrictions imposed on the company, although the legal rulings affecting control remain in place [1] Group 1: Company Developments - Wentai Technology announced that the Dutch Minister has paused a ministerial order that restricted Anshi Semiconductor from making adjustments to its core operations until September 30, 2025 [1] - Despite the minister's announcement, Wentai Technology clarified that the Dutch court's ruling from October 7, 2025, remains valid, and control over Anshi Semiconductor is still limited [1] - Anshi Semiconductor, previously part of NXP Semiconductors, has over 60 years of experience in the semiconductor industry and is a leading player in discrete devices, logic devices, and power MOSFETs [2] - The acquisition of Anshi Semiconductor by Wentai Technology in 2020 significantly enhanced its position in the global semiconductor market, elevating Anshi's ranking from 11th to 3rd among global power discrete device companies [2] Group 2: Legal and Operational Challenges - The conflict began in September 2025 when the U.S. Department of Commerce imposed sanctions on Anshi Semiconductor, leading the Dutch government to take control of the company citing national security [2] - Anshi's Dutch headquarters ceased payments to Chinese employees and cut off supply to its Dongguan factory, creating operational risks [3] - Anshi China accused the Dutch headquarters of owing 1 billion yuan in unpaid debts and emphasized that its inventory could sustain operations for several months [3] Group 3: Management Changes and Shareholder Actions - A significant management change occurred with the appointment of Shen Xinjia as the new president of Wentai Technology, who has a strong legal background [4] - Wentai Technology has faced shareholder reductions, with major shareholders planning to sell up to 37.34 million shares, amounting to approximately 1.6 billion yuan based on the stock price [5] - The second-largest shareholder, Wuxi Guolian Integrated Circuit Investment Center, holds 7.77% of Wentai Technology's shares and is state-owned [5]

Core Viewpoint - The semiconductor dispute involving Nexperia has escalated into a significant geopolitical issue affecting the global automotive supply chain, with China and the Netherlands engaged in negotiations to resolve the crisis [5][6]. Group 1: Background of the Dispute - The conflict originated from a unilateral action by the Netherlands on September 30, 2025, which involved freezing Nexperia's global assets and operations for one year under the guise of national security [8]. - Following the Dutch government's actions, Nexperia's management faced immediate legal challenges, leading to a rapid court ruling that suspended the CEO and placed the company's shares under third-party control [8][9]. - The situation worsened when Nexperia announced a halt in supply to its Dongguan factory, impacting 70% of its production capacity and further straining the global automotive chip supply chain [11]. Group 2: Impact on the Automotive Industry - Major automotive manufacturers, including Volkswagen, BMW, and Mercedes, reported supply chain disruptions, with some factories nearing shutdown due to chip shortages [10]. - The European Automobile Manufacturers Association issued warnings about potential production halts if the semiconductor supply issue was not resolved promptly [10]. Group 3: Recent Developments - In early November, the Dutch government indicated a willingness to negotiate, leading to discussions in Beijing on November 18 and 19, where the Netherlands announced a suspension of its previous intervention measures [13][14]. - Despite the Dutch government's pause, Nexperia's control issues remain unresolved, with ongoing legal measures still in effect [14]. Group 4: Importance of Nexperia - Nexperia is a critical player in the automotive semiconductor market, supplying 40% of the global automotive power semiconductors and holding significant market shares in various semiconductor components [15]. - The company has established a robust supply chain in China, which has proven resilient despite the geopolitical tensions, with sufficient inventory to meet customer demands [15][17]. - Nexperia's history reflects its evolution from a Philips subsidiary to a key global semiconductor company, highlighting the complexities of international ownership and control in the semiconductor industry [16][17].

Group 1 - China National Fisheries announced that its shareholder, China State-Owned Enterprises Mixed Ownership Reform Fund Co., Ltd., reduced its stake from 5.7076% to 5% by selling 2.5888 million shares at an average price of 10.31 yuan per share [1] - China National Fisheries, established in April 1998, focuses on deep-sea fishing, seafood processing and trade, and marine fishery services [2] Group 2 - Guilin Tourism plans to publicly select a partner for the "Living Lotus" project to build a theater and related facilities, with the partner responsible for investment, construction, and operation [2] - Guilin Tourism, founded in April 1998, operates in boat passenger transport, scenic tourism, hotels, and road passenger transport [2] Group 3 - Zhaomin Technology intends to issue convertible bonds to raise no more than 590 million yuan for new projects related to automotive components and precision engineering plastics [3] - Zhaomin Technology, established in October 2011, specializes in the R&D, production, and sales of precision injection parts and molds [3] Group 4 - Zhaomin Technology plans to establish overseas subsidiaries in Singapore and Thailand, focusing on wholesale trade and technology development in automotive precision components [4] - The registered capital for the Singapore subsidiaries is set at 1,000 USD, while the Thai subsidiary will have a capital of 500,000 THB [4] Group 5 - Yiyigou's subsidiary plans to increase capital by 8 million yuan to an associated company, with a pre-investment valuation of 42 million yuan [5] - Yiyigou, founded in April 2007, provides full-channel pharmaceutical distribution services [6] Group 6 - Yunda Express reported a 0.88% year-on-year decline in October express service revenue, totaling 4.495 billion yuan, with a business volume decrease of 5.11% [7] - Yunda Express, established in April 1996, operates in comprehensive express logistics [8] Group 7 - SAIWO Technology announced the first batch delivery of light transfer films for perovskite tandem components, marking a significant step in commercial application [8] - The current delivery is small-scale and will not significantly impact the company's revenue in 2024 [8] Group 8 - Hunan Baiyin's shareholder plans to reduce its stake by up to 1.95%, equating to a maximum of 55 million shares [9] - Hunan Baiyin, founded in November 2004, specializes in the smelting and sales of precious metals [9] Group 9 - Ningbo Construction's acquisition of Ningbo Transportation Engineering Construction Group has been approved by the Shanghai Stock Exchange [10] - Ningbo Construction, established in December 2004, focuses on construction engineering and related services [10] Group 10 - Sudar's shareholder plans to reduce its stake by up to 3%, which amounts to a maximum of 2.28 million shares [11] - Sudar, founded in July 2009, provides aftermarket services for hydraulic supports in coal mining machinery [12] Group 11 - Aeston plans to establish a joint venture with BOE Technology Group, focusing on the development and sales of drive technology products [13] - Aeston, established in February 2002, specializes in automation core components and industrial robotics [13] Group 12 - CICC is planning to absorb and merge Dongxing Securities and Xinda Securities through a stock exchange, with trading suspended for up to 25 days [14] - CICC, founded in July 1995, provides investment banking and asset management services [14] Group 13 - Dongjie Intelligent plans to purchase robots from an associated company for a total of 24.325 million yuan [15] - Dongjie Intelligent, established in December 1995, focuses on intelligent production systems and logistics [15] Group 14 - Shentong Express reported an 11.84% year-on-year increase in October express service revenue, totaling 4.95 billion yuan [16] - Shentong Express, founded in November 2001, operates in the express service industry [17] Group 15 - Zhongfu Industrial plans to invest 259 million yuan in a project to produce 3 million aluminum wheels [18] - Zhongfu Industrial, established in January 1997, specializes in aluminum processing and related industries [18] Group 16 - Maoshuo Power's director plans to reduce his stake by up to 980,300 shares, representing 0.2749% of the total shares [19] - Maoshuo Power, founded in March 2006, focuses on the R&D and production of power supplies [19] Group 17 - Wentai Technology's control over Anshi Semiconductor remains limited despite the lifting of an asset freeze order [20] - Wentai Technology, established in January 1993, specializes in mobile communication and semiconductor technology [20] Group 18 - Zhongyida's actual controller is involved in the merger of Xinda Securities by CICC, with no impact on Zhongyida's equity structure [20] - Zhongyida, founded in June 1992, produces and sells fine chemical products [20] Group 19 - Jinlongyu's subsidiary received a criminal judgment for contract fraud, with penalties imposed on both the company and an individual [20] - Jinlongyu, established in June 2005, focuses on kitchen food and oil products [20]

在全球经济的复杂棋局中，荷兰的"安世之乱"无疑是一颗投下去的震撼弹。作为半导体行业的重要参与者，安世半导体的命运牵动着世界多个区域 的经济脉络。而最近，荷兰经济大臣卡雷曼斯的表态显示出这一局势的微妙变化，但这并不意味着风暴即将消散。 更令人关注的是，安世的管理层表现出的顽固态度使得这一局面愈发复杂。尽管荷兰方面渴望恢复与中国的合作，安世却不断对中国的芯片质量与 管理能力提出质疑。这种毫无根据的指责不仅未能说服其欧洲客户，反而使其处于更加被动的局面。许多客户开始意识到，如果继续依赖荷兰安 世，只会将自己的未来置于一种不确定的状态中。 在这个背景下，安世的前景充满了变数。如果不快速调整策略，重新赢回客户的信任，他们将面临无可避免的存亡危机。尤其在这一领域，竞争对 手不乏替代方案。随着中国半导体产业的迅速崛起，未来的市场将不再是单一的荷兰安世能够主导的。 解决"安世之乱"的关键，最终还是要归结为诚意与合作。荷兰政府需要做的不仅仅是停止某项干预，更应该全面撤销针对中国企业的各项限制，并 以实际行动来恢复信任。同时，安世也需要摒弃狭隘的民族主义思维，与其最重要的合作伙伴中国进行真正意义上的合作，通过互利共赢来重塑双 方 ...

Core Viewpoint - The semiconductor dispute involving Nexperia has escalated into a significant geopolitical issue affecting the global automotive supply chain, with recent negotiations between China and the Netherlands indicating a potential path towards resolution, although substantial challenges remain [1][10][11]. Group 1: Background of the Dispute - The conflict originated from the Netherlands, where a ministerial order was issued on September 30, 2025, freezing Nexperia's global assets and operations for one year, which was perceived as a unilateral action [2][3]. - The rapid legal actions taken by Nexperia's foreign executives led to a court ruling that resulted in the forced third-party custody of shares held by its parent company, Wingtech Technology [5][6]. Group 2: Impact on the Automotive Industry - Nexperia is a critical player in the automotive semiconductor market, supplying 40% of automotive-grade power semiconductors and holding over 40% market share in small signal diodes and ESD protection devices [13][20]. - The disruption caused by the dispute has led to significant supply chain issues for major automotive manufacturers, with companies like Volkswagen, BMW, and Mercedes-Benz acknowledging supply shortages and potential production halts [7][8][9]. Group 3: Recent Developments - On November 5, 2025, Nexperia announced a suspension of supplies to its Dongguan factory, impacting 70% of its production capacity, which further exacerbated the global automotive chip supply chain crisis [8][9]. - Following negotiations on November 18 and 19, the Dutch government announced a suspension of its previous intervention measures, which was welcomed by China as a positive step, although the core issues remain unresolved [10][11]. Group 4: Nexperia's Strategic Position - Nexperia, originally part of Philips, has undergone significant changes since its acquisition by a Chinese consortium in 2017, which has positioned it as a key player in the semiconductor industry with a robust supply chain [16][19]. - The company has established a comprehensive production network across Europe and Asia, with annual shipments exceeding 110 billion devices and a customer base of over 25,000, predominantly in the automotive sector [20].

Core Viewpoint - The recent suspension of intervention by the Dutch government regarding ASML Semiconductor is seen as a positive step, but it does not resolve the underlying issues affecting the company's control and operations [3][10][11]. Recent Developments - On November 19, Dutch Economic Minister Karremans announced the suspension of intervention against ASML Semiconductor, indicating a constructive approach following discussions with European and international partners [3][4]. - The Dutch government also released an official statement confirming this suspension, which is viewed as a potential step towards resolving ongoing tensions [4][6]. - However, the control of ASML by Wentai Technology remains limited due to an existing court ruling, which continues to affect the company's operations [8][10]. Market Reactions - The semiconductor market has shown signs of cooling since November, with a noticeable decrease in inquiries for ASML chips, although actual demand still exists [19]. - Factors contributing to this market shift include previous rumors about supply chain coordination, announcements from the Dutch government regarding chip supply restoration, and the completion of inventory restocking by overseas clients [19][20]. - Despite the suspension of the ministerial order, the judicial measures from the Dutch court remain in effect, indicating that the situation is still precarious for ASML and Wentai [10][11]. Industry Impact - The automotive sector is experiencing mixed outcomes, with some manufacturers beginning to resume production while others face potential shutdowns due to chip shortages linked to the ASML situation [22][23]. - Companies like Honda and Bosch are navigating production challenges, with Honda planning to restart operations in North America and Bosch facing supply interruptions in multiple locations [22][23]. - Overall, while there are signs of recovery in some areas, the core issues surrounding ASML's control and chip supply remain unresolved, necessitating close monitoring of future developments [23].

Core Viewpoint - The announcement from Wentai Technology highlights ongoing legal and operational challenges faced by its subsidiary, Nexperia, due to a Dutch ministerial order that restricts its operational capabilities, despite the order being temporarily suspended [2][5][10]. Group 1: Company Situation Overview - Wentai Technology's subsidiary, Nexperia, received a ministerial order from the Dutch Ministry of Economic Affairs and Climate Policy, which restricts its ability to make adjustments to assets, intellectual property, and personnel for a duration of one year [3][5]. - The company emphasizes that the court ruling affecting its control over Nexperia remains in effect, and the emergency measures previously disclosed are still ongoing [2][3]. Group 2: Legal and Diplomatic Developments - Recent diplomatic discussions between Chinese and Dutch government officials have focused on resolving the issues surrounding Nexperia, with China urging the Netherlands to take concrete actions to stabilize the global semiconductor supply chain [9][10]. - The Dutch Minister of Economic Affairs announced the suspension of the ministerial order, which is seen as a positive step, but further actions are needed to fully resolve the underlying issues affecting the semiconductor supply chain [10]. Group 3: Impact on Semiconductor Supply Chain - The crisis began following the U.S. Entity List announcement, which led to the Dutch government freezing Nexperia's operational permissions, causing significant disruptions in the global semiconductor supply chain [10][11]. - The suspension of supply from Nexperia to its Chinese counterpart has resulted in production halts, exacerbating the instability in the semiconductor market [10].

Core Viewpoint - Wentech Technology Co., Ltd. announced updates regarding the operational management of its subsidiary, Anshi Semiconductor Co., Ltd., following a ministerial order and a court ruling from the Netherlands [1][2]. Group 1 - The Dutch Ministry of Economic Affairs and Climate Policy issued a ministerial order on September 30, 2025, restricting Anshi and its global entities from making any adjustments to their assets, intellectual property, business, and personnel for one year [1]. - On November 19, 2025, the Dutch Minister Vincent Karremans announced the suspension of the ministerial order, indicating a constructive approach after consultations with European and international partners [1]. - Despite the suspension of the ministerial order, the court ruling from October 7, 2025, remains in effect, and the company's control over Anshi is still limited [1]. Group 2 - The company is actively communicating with an international law firm to explore legal remedies and will take all necessary actions to protect the rights of the company and its shareholders [2]. - The company will closely monitor the situation and conduct dynamic assessments of the developments [2].